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Asian propylene spot prices rise in past week
25
Aug '10
Ethylene spot prices in Asia moved further higher in the just past week, indicating the level of market consultation and firm derivatives markets. Few negotiations for cargoes from Middle East also sent support to the market.

Sales intention rose over US $100 / ton (CFR Asia), due to short-term parking of a local cracker last week. Purchase intention was $900 / ton (CFR Asia) or lower. Arbitrage cargoes from Southeast Asia to the North also dragged down the price to $900 / ton (FOB Southeast Asia).

Downstream derivatives markets were strong on the week. Price of High-density PE film grade rose $20 to $1120-1170/ ton (CFR China). PVC prices grew $20 to $940-960 / ton (CFR China). Styrene price lifted $35 to $1,115-1,125 / ton (CFR China). MEG price increased by $10 to $775-785 / ton (CFR China).

In the Northeast Asia market, ethylene spot valuation ascended by $30 to $930-980 / ton (CFR Northeast Asia), reflecting the level of bids and offers.

Purchase intention was around $900 / ton (CFR Northeast Asia), but sales intention ranged between $980-1000 / ton (CFR Northeast Asia). A local trader said he received a bid at $970-980 / ton (CFR Northeast Asia), but no report of spot transactions.

Meanwhile, South Korea's exports of ethylene decreased 19.5 percent from the previous month to 45,126 tons in July, 39 percent lower from the same period last year.

In Southeast Asia, ethylene spot price rose $30-50 to $910-950 / ton (CFR South East Asia), reflecting high-level consultations on the week.

Sales intention was $950-1000 / ton (CFR South East Asia), after the short-term parking of Shell's capacity of 800,000 tons / year comprehensive cracker, price range reached high level.

Purchase intention was $950 / ton (CFR South East Asia). An end user said, sales price was $930 ton (CFR South East Asia) earlier on the week, but the same could not be confirmed.

In the FOB Southeast Asian market, market sources said that 3,500 tons cargo ship of local supply for shipment in the first half of September was transacted at $900 / ton (FOB Southeast Asia).

Market sources said, purchase intention for September shipment was $900-920 / ton (FOB Southeast Asia) in early week, which was quoted at $880-890 ton in the previous week. Sales intention for September cargo was $950/ ton (FOB Southeast Asia).

Fibre2fashion News Desk

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